The crypto market has been put to the test in recent weeks. Even Bitcoin has not escaped the tremors. However, some cryptos have suffered more than others, and counting. According to analysts, PEPE, AVAX and BNB would be the cryptos to avoid trading this week.
The 3 cryptos to avoid next week
There are several factors that determine whether a crypto can be profitable or not. At the house of finboldthe analysis of these factors made it possible to detect three coins that could make you lose money to trading.
First, you have Pepe ($PEPE), the memecoin whose price exploded in the second quarter of 2023. Without any specific utility, the value of $PEPE is mainly based on the trust that its community places in it. Gold an incident that could undermine this trust just happened. Indeed, the Ethereum address owned by Pepe’s founding team transferred $16.045 trillion worth $16.85 million to four crypto exchanges: Binance, OKX, KuCoin, and Bybit on August 24. This did not fail to panic investors and lead to a 17% drop in the price of PEPE
Second, you have Avalanche which following an unlock of 9.54 million tokens from AVAX, saw its price fall by more than 8%. The AVAX token issuance is coming as per the project schedule. Except that the market reacts badly to this increase in supply.
Last on the list is BNB of which over $30 million was liquidated as it collapsed.
Are the cryptos to avoid necessarily a bad investment?
BNB and AVAX in particular are not necessarily bad crypto projects. On the contrary, these tokens are very useful for any crypto enthusiast or trader. These are just cryptos to avoid this week under the factors cited. It’s a bit more complicated for Pepe who is a memecoin with no known use. In addition, there seem to be disputes within the founding team. “Since its inception, $PEPE has unfortunately been plagued by internal conflictspart of the team being bad actors led by a big ego and greed” can we read in a tweet from the official project account.
Conclusion
Stay tuned to crypto news, because things can change very quickly. What makes PEPE, AVAX, and BNB cryptos to avoid can drastically change in a split second.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
